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Thread: All Information About Bitcoin
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    Bitcoin investors beware: If you invested $1,000 in 2011, you'd be a millionaire. A few months ago? You're in the red

    Bitcoin is trading at around $4,000, a steep drop from its all-time high of nearly $20,000 in December 2017, according to data from CoinDesk.
    As for those who've stayed on the sidelines of investing in bitcoin, now might the best time to get in, said Ric Edelman, founder and executive chairman of Edelman Financial Services.
    Yet any bitcoin investor needs to be prepared to lose everything he or she puts in, he said.

    If you were reluctant about investing in bitcoin before, you've probably completely given up on the idea now.

    The cryptocurrency is trading at around $4,000, a steep drop from its all-time high of nearly $20,000 last December, according to data from CoinDesk.

    Investors looking for clues on how to move forward are likely to find themselves puzzled.

    The U.S. Justice Department is investigating whether last year's rally was a product of market manipulation. Meanwhile, Nasdaq plans to launch bitcoin futures as early as next year.

    The bottom line is that any bitcoin investor needs to be prepared to lose everything he or she puts in, said Ric Edelman, founder and executive chairman of Edelman Financial Services.

    "You need to invest with two attitudes: that you're going to hold it for years, even decades and that volatility is an inherent element of the asset," Edelman said.

    Bitcoin is up 428,022 percent from Jan. 1, 2011. For comparison, the cumulative return of $1,000 in the S&P 500 since 2011, including the reinvestment of dividends, is around 157 percent.

    Yet bitcoin is down 68 percent since Jan. 1, 2018. Bitcoin's worst day in 2018 is equivalent to a 4,000 point plunge in the Dow Jones Industrial Average, said Campbell R. Harvey, a professor at Duke's business school.

    Harvey also compared the ups and downs of bitcoin with more mainstream investments. (BTC is the symbol for bitcoin.)

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    Bitcoin boom in Venezuela: Bullish despite bear market

    Venezuela is the best example of how Bitcoin, despite its high volatility and technical improvement potential, can be more attractive than its national currency. The country, which has a six-digit inflation rate for 2018, is facing economic crises. Workers who receive their wages in the morning must exchange their own Bolivar for goods as quickly as possible, before the money is worth anything. For many, it makes sense to convert the money into Bitcoin and use the cryptocurrency as a value store.

    Because as you can now gather data from Coin Dance , the Bitcoin trading volume climbed here on 1 December to a record high. On the P2P platform Localbitcoins alone, a total of 1,284 BTC changed hands in Venezuela. That did not happen without reason. Finally, the same day President Maduro's government decided to devalue its national currency by a whopping 40 percent. As Bloomberg reports, President Maduro had raised the minimum wage by 150 percent a month earlier.

    As Bloomberg further reports, the artificial raising of the minimum wage is the sixth action of its kind this year. The fact that the salary surveys can barely keep up with the economic maladministration in the country, but the actions of Maduro can be quickly seen as eye wiping. After all, in addition to food and drug shortages, the population suffers from an inflation rate of 199,900 percent. Since it may hardly be surprising that the Petro is always "expensive". The state-owned cryptocurrency, which is said to reflect the country's oil reserves, is expected to rise from 3,600 Souvereign Bolivar to 9,000 SB.

    The introduction of the Petro led to rioting in the Bitcoin community early in the year. At first it sounded quite positive that now a country issued its own cryptocurrency. However, when it turned out that the Petro ultimately serves only to flush fresh capital into the treasury while the country is bleeding , disillusionment soon ensued.

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    Bitcoin Will ‘Surpass’ All-Time Price Highs by End of 2019, Says Quoine CEO

    The CEO of Japanese fintech firm and crypto exchange operator Quoine has said he believes Bitcoin (BTC) will “surpass” its all-time price highs by the end of 2019, during an interview with Bloomberg Markets: Asia Dec. 4.

    Speaking during the aftermath of an industry-wide price slump, Mike Kayamori said he expects new crypto market sentiment and momentum to set in after the new year, noting that “there’s nothing new, no catalyst” in the immediate future to drive prices back up.

    The CEO stated that whereas many had called $4,000 as the “technical bottom” for Bitcoin this winter, the top coin had failed to hold the mark during the recent sell-off. “That said,” he added, “when you look at historical and where things are going, I think the bottom is near.”

    He corroborated his analysis by noting the pressure on Bitcoin miners, many of whom are shuttering operations as the asset’s price tumble squeezes profits. Kayamori noted:

    Kayamori claimed that Japanese regulators are now starting to open up again to approve new crypto exchanges and token listings following the the theft of $534 million worth of crypto in January from Japanese exchange Coincheck.

    Moreover, the majority of domestic exchanges are coming close to fulfilling the terms of the business improvement orders that were issued by Japan’s Financial Services Agency (FSA) to clean up the industry in the aftermath of the Coincheck hack.

    With better practices in place across governance, compliance, asset segregation, secure cold wallet storage — as well as increased participation from financial industry veterans — Japan’s crypto landscape is in a period of “consolidation,” he said.

    Noting that Japan was the “first global economic powerhouse” to regulate crypto, Kayamori pointed to the country’s pioneering attention to the industry’s latest fundraising model, the successor to Initial Coin Offerings (ICO): Security Token Offerings, or STOs.

    Additionally, the FSA is reportedly working on ICO regulations to protect investors from fraud. And, as reported today, Japan’s government is also purportedly currently seeking ways to prevent tax evasion on profits from crypto transactions.

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    Crypto Market Rebounds But No Major Recovery in Sight: Factors and Trends

    Throughout the past 24 hours, the crypto market has slightly rebounded by around $3 billion, from $123 billion to $125 billion.

    Bitcoin (BTC) has avoided a potential decline to the low region of $3,600, as it stabilized at around $3,850. It reached its daily low at $3,800 but rebounded by a small margin.

    Other major cryptocurrencies apart from Bitcoin have recorded fairly large losses against the U.S. dollar throughout the past two days. Ethereum (ETH), Stellar (XLM), and Bitcoin Cash (BCH) demonstrated losses in the range of 1.5 to 8 percent on the day.

    Since November 29, within seven days, the Bitcoin Cash price has dropped from $200 to $142, by more than 29 percent. While the asset did not experience a large single-day drop, it continued to lose its value against both Bitcoin and the U.S. dollar over the past week.

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    Crypto Market Loses $6 Billion in Big Downtrend, is $3,000 Bitcoin Unavoidable?

    Within a 48-hour span, since December 5, the Bitcoin price has dropped from $3,913 to $3,678, by just about six percent.

    Other major cryptocurrencies like Ethereum (ETH) and Stellar (XLM) have declined by more than 10 percent in the past two days. The Ethereum price has dropped from $112 to $101 while the Stellar price has declined from $0.15 to $0.13, by over 13 percent.

    In the past 12 hours, the crypto market as a whole lost about $6 billion of its valuation as tokens lost on average around 10 to 20 percent of their value against the U.S. dollar.

    Waves, Maker, Aion, Chainlink, and Theta, which performed significantly better than most of the small market cap ERC20 tokens in the global market, recorded steep sell-offs on the day.

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    When Bitcoin’s Price Breaks Down, It Follows a Pattern

    When trying to predict the future price of bitcoin, it’s impossible to do so without first looking at its past.

    No matter how it’s examined, the cyclical nature of bitcoin’s price action can’t be ignored especially when considering its notorious “boom and bust” cycles.

    If the latest plunge below the long-lasting support level of $6,000 after an explosive rise to nearly $20,000 is any indication, it’s clear the history repeating trend has yet to cease. This line of thought is potentially revealing since the breakdown of several bitcoin bubbles have followed an “opposite but equal” theme.

    In other words, bitcoin’s price tends to consolidate in a specific pattern when in a bubble state, which eventually breaks down in the opposite direction to a near-identical distance as the height of the pattern.

    Using this logic, a bottom for the current bear market can be extrapolated, as explored below.

  9. #268
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    Cryptocurrency Market Update: The Only Thing Climbing is Bitcoin Dominance

    There has been a little recovery since Saturday’s all time low for the year but nothing significant. Total market capitalization is still way down, hovering just above $110 billion at the time of writing. It could drop below that at any time as the bears are still lurking.

    Bitcoin has clawed back almost 2% on the day to reach $3,570. It has been in an uptrend since its low of the year at the weekend of $3,280 but the rebound was expected. BTC has lost 11% since the same time last week when it was priced at $4,000.

    Ethereum is still on the floor with no gains on the day, it is just over $90 at the moment. At the time of writing altcoins in the top ten are mixed, mostly green but gains are tiny. EOS is leading the pack with a rise of 8% to take it back to seventh spot at just under $2. The rest are not moving much and unsurprisingly Bitcoin Cash is falling again.

    There is very little movement in the top twenty during the morning’s Asian trading session. Dash is leading the group with a 3% recovery on the day, Monero is not far behind.

    FOMO driven pumps are happening at DEX which has surged over 30% on the day. Centrality and Aelf are both in double figures at the moment but not much else is going on at the green end of the top one hundred. At the time of writing there were no altcoins dropping double digits as markets are pretty flat.

    Total crypto market capitalization is currently at $112 billion, which is a marginal gain on yesterday’s levels. Since Saturday’s big dump markets have recovered 8.7% but are still on the floor. From the same time last month the crypto currency capitalization has been slashed by half with a hundred billion going out of the digital door. Bitcoin dominance is the only thing climbing at the moment as it gets back to 55%.

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    Bitcoin Oversold on Weekly Price Chart for First Time in Four Years

    A key long-term bitcoin (BTC) price indicator is reporting oversold conditions for the first time in almost four years.

    The widely followed 14-week relative strength index (RSI), which oscillates between zero to 100, is currently seen at 29.80 – a level last seen in January 2015.

    An asset or a cryptocurrency is considered to be oversold if the RSI is holding below 30.00. On the other hand, an above-70 reading indicates overbought conditions.

    Essentially, the under-30 reading on the 14-week RSI indicates that the recent heavy selling from the highs above $6,200 may have reached a point of exhaustion. As a result, BTC may defend the immediate support at $3,179 (200-week moving average) in the short-run.

    Many experts also believe that RSI’s drop below 30.00 is followed by a strong corrective bounce. That’s not necessarily true as some markets enter into very strong trends, in which case the RSI can stay oversold or overbought for prolonged periods of times.

    Notably, BTC’s ongoing bear market is looking quite resilient, as the sell-off is backed by strong volumes. Hence, a strong bounce could remain elusive for some time, despite the oversold readings on the 14-week RSI.

    As of writing, BTC is trading at $3,390 on Bitstamp, representing a 2.3 percent drop on a 24-hour basis.

    The RSI dropped below the key support of 53.00 on the weekly chart in late January, signaling a bullish-to-bearish trend change. As of now, it’s holding in oversold territory below 30.00.

    It is worth noting that RSI’s January 2015 drop below 30.00 was short-lived and BTC soon picked up a bid in response to the oversold conditions.

    On the daily chart, the immediate outlook remains bearish as long as BTC is trading below the descending trendline.

    BTC failed to cut through the diagonal resistance yesterday, adding credence to the bearish setup on the 3-day chart. So too, do the 5- and 10-day MAs which are trending south.

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    BTC could drop to the 200-week MA of $3,179 in the next day or two. That support, however, may hold ground, as the 14-week RSI is signaling oversold conditions for the first time since January 2015.
    A break below the 200-week MA would bolster the bearish setup seen in the 3-day chart and open the doors to $2,972 (September 2017 low).
    A high-volume move above the falling trendline (on the daily chart) would weaken the bearish pressure. A bullish reversal, however, would be confirmed only above $4,400

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    Bitcoin Bull Mike Novogratz Has A Stark Warning For The Crypto Community

    Bitcoin is down more than 80% from its all-time high, having plummetted since the beginning of this year, dragging most major cryptocurrencies with it, including the likes of ethereum and Ripple's XRP.

    This time last year bitcoin was fast approaching its all-time high of near $20,000 and investors and traders were euphoric over bitcoin's epic 2017 bull run.

    Now, bitcoin bulls have sobered up in the face of an overwhelming bear market that continues to maul the bitcoin price and former Goldman Sachs partner and founder of cryptocurrency merchant bank Galaxy Digital Holdings Mike Novogratz has a stark warning for the crypto faithful.

    Many in the bitcoin and cryptocurrency community believe that adoption of digital tokens will revolutionize the financial services industry (and perhaps society itself), using blockchain, bitcoin's underlying technology, to improve clunky and outdated systems.

    But how exactly this bitcoin revolution is expected to happen is not entirely clear—nor is how long it might take.

    "Revolutions don’t happen overnight," Novogratz warned in an interview with Bloomberg. "While I believe in the underlying technology and believe in the crypto movement, when prices get stupid, I sell. A lot of my friends in crypto just couldn’t let go. They were saying, 'This is going to change the

    Earlier this year the bitcoin price appeared to have found a floor at a little over $6,000. Bitcoin hovered around there for months and many, including Novogratz, thought this was as low as it was going to go.

    "I did think Bitcoin was going to hold at $6,200," said Novogratz. "It stayed there for four months. It felt like the selling was finished. But then Bitcoin Cash decided to fork again."

    However, Novogratz remains confident that bitcoin will make a comeback.

    "I do believe Bitcoin is going to be digital gold. We have a business that we think can break even next year, if not make money. We’ve got plenty of cash to run the business for a long time. I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto."

    Meanwhile, others have also said they don't expect bitcoin to die due to its recent bust, despite some predicting it's over for the bitcoin experiment.

    "We shouldn’t be surprised by this year’s cryptocurrency price bust, the price of these coins is not necessarily zero," Kenneth Rogoff, professor of economics and public policy at Harvard University and former IMF chief economist, wrote earlier this week in the Guardian newspaper. "Like lottery tickets, there is a high probability that they are worthless. There is also an extremely small outside chance that they will be worth a great deal someday, for reasons that currently are difficult to anticipate."

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